Busy. Please wait.

show password
Forgot Password?

Don't have an account?  Sign up 

Username is available taken
show password


Make sure to remember your password. If you forget it there is no way for StudyStack to send you a reset link. You would need to create a new account.
We do not share your email address with others. It is only used to allow you to reset your password. For details read our Privacy Policy and Terms of Service.

Already a StudyStack user? Log In

Reset Password
Enter the associated with your account, and we'll email you a link to reset your password.
Don't know
remaining cards
To flip the current card, click it or press the Spacebar key.  To move the current card to one of the three colored boxes, click on the box.  You may also press the UP ARROW key to move the card to the "Know" box, the DOWN ARROW key to move the card to the "Don't know" box, or the RIGHT ARROW key to move the card to the Remaining box.  You may also click on the card displayed in any of the three boxes to bring that card back to the center.

Pass complete!

"Know" box contains:
Time elapsed:
restart all cards
Embed Code - If you would like this activity on your web page, copy the script below and paste it into your web page.

  Normal Size     Small Size show me how

Microeconomics - A

Principles of microeconomics - International Relations (business)

scarcity The limited nature of a society's resources
economics The study of how society manages its scarce resources
efficiency The property of society getting the most it can from its scarce resources
equity The property of distributing economic prosperity fairly among the members of society
opportunity cost Whatever must be given up to obtain some item. Eg. sportspeople deciding to play-for-pay rather than completing their schooling
marginal changes Small incremental changes to a plan of action
What is an economy? An economy is comprised of people and their interactions as they go about their daily lives. The behaviour of these people will determine the nature and behaviour of the economy. An economist is someone who studies this pattern.
Created by: Jann